Gary Cohn, the head of President Trump's National Economic Council, believes that fair trade means reciprocating tariffs against countries that tax U.S. exports. 

"Fair means we treat our trading partners the way they treat us. If you want to insist on having a tariff on a product, which we prefer you not, the president believes that we should treat you in a reciprocal fashion and that we should tax your product coming into the United States," Cohn told a conference. 

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views.Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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